Rethinking Back-to-School Spending
This item was written by Savita Iyer-Ahrestani. She is a freelance financial journalist now living in The Netherlands who guest blogs for Working Parents.
The greatest thrill about going back to school has always been stocking up on new school supplies. Even before school breaks for the summer, the stores fill up with colorful folders and notebooks, cool backpacks, funky new pens. There are clothes that have to be bought, shoes that have to be had.
This year, is no exception. The stores are still laying it all out but the difference is that fewer people are buying.
According to a new survey just released by the National Retail Federation (NRF), in conjunction with consumer habits research firm Big Research, spending on school supplies is set to fall this year. The average family with students in grades K-12, the survey states, is expected to spend $548.72 on school merchandise -- a decline of 7.7% from 2008.
“The rules of back-to-school shopping have officially changed: buy only what you need, check for coupons and sales before hitting the stores, and, if you can find the perfect computer at the right price, grab it!,” the NRF states in its press release.
Of course, it’s the economy, and for the increased number of bargain shoppers out there, there’s plenty of advice on the net. (I like this one written for teenager girls.)
According to the NRF, four out of five Americans (85%) have made some changes to back-to-school plans this year as a result of the downturn. “Some of those changes impact spending, with 56.2% of back-to-school shoppers hunting for sales more often and 49.6% planning to spend less overall,” the organization says. Also, 41% percent of people will be looking for more store brand/generic products and 40% are planning to increase their use of coupons.
Going further, some folks are saying that the economy has impacted their lifestyle decisions: In NRF’s survey, 11.4% of respondents say they will cut back on extracurricular activities or sports and 5.7% say that the state of the economy is impacting whether their children will attend a private or public school.
As I prepare to move across the ocean back to the U.S., I have cleared a lot of stuff out of my apartment, giving much away to charity. Once again, I am amazed at all that I have managed to amass in two years, but in this move – my fourth one in four years, as readers of my previous columns will know – I have also found that my friends have asked me for more stuff than they probably would have in the past. Lights, for instance, and kitchenware. A standing fan. An inflatable bed. A blender.
I, too, have decided to keep more stuff than I would probably have in the past. The backpack my son has used for two years, for example, should do just fine for next year as well after a wash. In my last move, I might have thrown it away. Ditto for the lunchboxes my kids have been using. We have tons of color pencils and markers and I have, in the past, just chucked. But this time, I have actually gone through and taken out the ones that worked. Sharpened the pencils and put them neatly into Ziploc bags to bring with me.
Not knowing what my work situation, and hence my economic situation will be when I get back to the U.S., I am sure I will also be restrictive in the number of extra-curriculars my children do. There’s no debating that they’re going to public school, of course.
What are you cutting back on this year? Will you be getting your children to reuse some of their stuff from last year? How easy or difficult is it to resist the lure of the back-to-school department in your local stores?